Hi All,
While marching above the highest levels for
calendar year 2016, Nifty is now trading near the upper end of the channel
which started from the lows of March 2016.
The latest upmove from the lows of 7927
levels on 24th June, is happening majorly with small sized candles
with less than average daily volumes. Moreover, last 2 candles which are also
small sized star candles happened with higher than the average volumes which
rings the alarming bells for the bulls. Also, Nifty is trading near the weekly
resistance zone of 8520-8625-8660
All these observations point out a concern
for bulls to go further up, however there are no bearish signs as of now
visible on daily charts.
I feel for the uptrend to continue 8470-8450
are the key levels to watch out for which is an upward gap on daily charts,
below these levels dominance from sellers can be expected.
The bias for
the markets remains cautious and wait n watch.
Areas to watch out for intraday –
Supports – 8500-8470-8450-8400
Resistances – 8530-8560-8600-8630-8660
Cheers
